Check exact searches. In no. 1 position you can expect about 25-30% of that traffic (that's my experience). Look if there are affiliate products/services related to that keyword. Or if it's rare info, you can set up CPA offers. If none of them apply, put adsense on it.

Are there products being offered for that market, or people bidding on adwords for that market, the keyword is a part of. If not, then there is a reason there is no competition (depending on what you mean by competition).

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